Workplace benefits matter more than ever. Set against the backdrop of a looming recession without a substantial pay increase in sight, employees are looking to pinch the pennies and get everything they can out of their workplace benefits. But do your perks actually work for you? Do they predate the dinosaurs? What benefits do you have vs. the ones you actually want? Let’s explore…
Pension schemes
Do we still want it?Of course.
Whatever the sector you work in, it will be unsurprising to read that pension schemes are still the most frequently found benefit in the UK workplace. And we wouldn’t have it any other way. But is there any way day-to-day pension schemes could be even more valuable? Yes. Not just pension schemes, but retirement plans are very popular. In Morgan Stanley’s State of the Workplace Financial Benefits Study, it is said that 93% of employees consider retirement planning assistance a priority when choosing where to work.
Flexible working
When do we want it?Now.
If anything positive has come from a global pandemic, then it would surely be the normalisation of flexible working. The most demanded workplace benefit is now a reality for 32% of workers. The UK government passed a bill stating that anyone starting a job is entitled to some form of flexible working. This does not just mean working from home, but also includes job-sharing, flexitime or staggered hours. Even though 92% of workers would like a four-day working week, the fact that flexible working is now making it into about a third of jobs is something to shout about. Baby steps.
Financial perks
What’s it worth?Everything.
Is financial wellbeing, safe and secure control over your own finances too much to ask for? We don’t think so. As our economy continues to shrink, continued care and consideration into our financial wellbeing is a must. According to research by YuLife in conjunction with YouGov, 80% of employees say that financial stress can directly impact their performance at work.
Samuel Lathey, CEO from Financial Wellbeing provider Bippit added, “The need for effective financial guidance is more important than ever right now, especially with the Cost of Living situation making our financial lives more complex than ever, and putting an increasing amount of pressure on our budgets. The truth is that financial matters are the 'elephant in the room'. Something that's affecting all of us, but something that very few of us are comfortable talking about, and that's why it's so important for employees to have a safe, confidential space where they can access support and have an expert to talk to."
Mental wellbeing
Who needs it?Everyone.
It may seem like a trite point to make, but mental health and wellbeing remains one of the most sought after benefits in the workplace. And even though most companies can see the need to combat burnout of their employees, organisations still find it hard to quantify the positive effect on employees. Aon’s 2021 Global wellbeing survey, reported that 32% of global organisations struggle to measure the return on investment of their wellbeing initiatives. Globally, an estimated 12 billion working days are lost every year to depression and anxiety at a cost of US$ 1 trillion per year in lost productivity.
Sançar Sahin, Oliva's Co-founder & CMO, says, “We spend at least 8 hours of our lives at work each day. So to say that us employers have a responsibility to support our team's mental wellbeing is an understatement. To understand the ROI, we just need to think of ourselves. How many times have we taken a day off because we lack the mental energy to turn up? And how many times have we turned up, but had our minds somewhere else—thinking about a sick relative, a recent breakup, or something more debilitating like depression, OCD, or trauma. Healthy people = healthy business.”
Eldercare support
What is it?The future.
From bump, to baby, to toddler, there seems to be a new perk everyday to help with child care. The Neonatal Care (Leave and Pay) Bill and Carer’s Leave Bill are currently being discussed in the House of Commons. If these take effect, they would provide leave and pay for those with children receiving neonatal care and unpaid leave for staff with caring responsibilities. However, by 2024, the ONS predicts more employees will have an elderly person dependent on them than a child. Could more be done to support our ageing population and the impact that will have on the workforce? Research by care home company Lottie found that over the last year there has been a 400% growth in Google searches for ‘giving up work to be a carer’. Since 2024 is only a year away, we can see eldercare being a benefit trend of 2023 and beyond.
Seniorcare by Lottie Lead, Ronan Harvey-Kelly, adds, “Employees who are juggling the additional demands of caregiving are more likely to experience stress, absences from work and health problems. Businesses urgently need a sustainable and dedicated solution to ensure that everyone can get the care and support they need in later life.” Stay a step ahead, contact the Seniorcare by Lottie team and provide your employees with the UK’s only dedicated eldercare benefit solution.
Are we happy with our benefits?
Overall?We think so.There’s always more that could be done. Depending on the industry, sector or organisation it’s hard to compare what the people really want. Some have company cars while others have a cycle to work schemes. However, you can expect to see more of the above in 2023 and into the future. With 26% dissatisfied with their workplace benefits, it’s understandable if employees would move jobs based on perks alone. We are in a cost of living crisis after all.
